Three Dimensions of Economic Crisis: Theoretical, Empirical, and Policy Analysis in Business Cycles Prepared for IDEAs - PowerPoint PPT Presentation

Three Dimensions of Economic Crisis : Theoretical , Empirical , and Policy Analysis in Business Cycles Prepared for IDEA s Conference on Re-regulating global finance in the light of the global crisis April 10 , 2008. Ping Chen China Center for Economic Research at

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Three Dimensions ofEconomic Crisis:Theoretical,Empirical, and Policy Analysis in Business Cycles Prepared for IDEAsConferenceonRe-regulating global finance in the light of the global crisisApril 10, 2008

Frisch's promised paper, "Changing harmonics studied from the point of view of linear operators and erratic shocks," was advertised three times under the category"papers to appear in early issues" in Econometrica, including Issue No. 2, 3, and 4 of Volume I (April, July, and October 1933) but never appeared in Econometrica since 1934.

Frisch never mentioned a word about his prize-winning model in his Nobel speech in 1969 (Frisch 1981).

The Principle of Large Numbersfor Positive VariablesMoreMicroElements > Less MacroFluctuations(Independent fluctuations may cancel out each other)